Giving this advice in the association's Quarterly Review for the fourth quarter of 2019 (Q4'19),
Describing the recent decision of the francophone countries to change the name of their common currency to ECO as worrisome and should be seen as an attempt by
The association said: 'If the prime objective to facilitate cross border trade and economic development of the member states is still to be achieved, the structure of the system must be built on fundamentals in the sub region to complete with other economic blocks.
'Government is encouraged to pursue the project with sincerity of purpose based on sound policies devoid of interference from any economic block.
Meanwhile,
Stressing that the CBN should allow BDCs to determine what to buy and sell, Gwadabe said: 'Monetary authority determines the BDC firm's buying rate, but unconcerned with open end of selling rate even though there is a cap. They should be free to determine what to buy and sell like in any market structure.
'Very clearly, the BDC firm's selling rate is still largely determined by the parallel market rates which is higher in liquidity without any restraint from the authorities to curtail their activities.
'The firm is still largely exposed to several operations and systemic risks which require the appropriate articulation and design of structural adjustments to place the BDC firm on the right part during the new decade.'
© Pakistan Press International, source